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Writing on his website, MoneySavingExpert , Martin said: "For those who need easy access, are at or very near the max £20,000, earn decent cashback, and like its customer service, there’s certainly no urgent imperative to ditch it.

"For those earning less cashback or with smaller savings, in most cases it really isn’t worth holding on to much longer, with rates looking to go up.

"And of course if you do ditch Santander and it then decides to up its rate or drop the fee, it would almost certainly (no guarantees) let you reopen an account – though terms can change."